Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $10.6 million for the refinancing of Four Points by Sheraton San Diego, a 225-key hotel located at 8110 Aero Drive, adjacent to Montgomery-Gibbs Executive Airport in San Diego, California.
Chad O’Connor, executive managing director in MMCC’s San Diego office, secured financing with a national bank on behalf of a private owner.
The loan was a cashout refinance with a 5-year term, 20-year amortization and 70% loan-to-value. “We worked in conjunction with the city of San Diego to negotiate consent to lending because they have a ground lease on the site,” said O’Connor. “The borrower reduced their interest rate by over 350 basis points by completing the refinance.”
The property is located near attractions such as the San Diego Zoo, San Diego Stadium and the Gaslamp Quarter. Amenities include a restaurant and lounge, a 24/7 fitness center, an outdoor heated pool and hot tub, a business center and 10 meeting rooms.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2024, MMCC closed 1,249 transactions totaling $9.1 billion. To learn more, please visit: marcusmillichap.com/financing.
